Thursday , June 20 2024

Index of industrial production up 0.44% in six months


The index of industrial production (IIP) in the first half of 2023 grew by only 0.44% compared to the same period last year due to decreasing orders, falling demand and rising input costs, according to the General Statistics Office (GSO).

The office pointed out that, in the period, the IIP of some key industries increased significantly year-on-year, including coke and refined petroleum (13.2%), metal ore mining (11.5%), rubber and plastic (7.2%), tobacco (6.7%), and beverages (5.7%).

Conversely, the index of others went down, including wood processing and wood product manufacturing (7.7%), paper and paper product manufacturing (7.5%), and clothing and motor vehicle manufacturing (6.8%).

The GSO report also showed that the six-month IIP saw annual rises in 48 provinces and centrally-run cities and decreases in 15 others nationwide. A number of localities achieved a relatively high increase in their indexes thanks to the growth in the industries of manufacturing and processing as well as electricity production and distribution.

In the first half, the consumption index of the entire manufacturing and processing industry decreased by 2.2% from the same period in 2022, while its average inventory ratio was 83.1% compared to 78% posted last year.

To further promote production, the Ministry of Industry and Trade has requested localities and sectors involved to complete their related industrial development projects, strategies and plans; and tackle hurdles facing enterprises.

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